Storage Post has struck a $115 million deal to refinance its nine-property self-storage portfolio in the Tri-State area.
Most of the units are in New York, while a few are in New Jersey. But all of them sit in the New York Metro area. The New Jersey portion covers Elizabeth, Linden, Perth Amboy, and Haledon. The New York self-storage assets are in the Bronx, Floral Park, Garden City, Huntington Station, and Yorktown Heights.
The Class A portfolio spans a total of 723,664 rentable square feet, with 9,578 units. The portfolio was first acquired by Storage in 2022 when it only took up 633,364 square feet of space.
Recommended For You
JLL brokered the deal, while Nuveen Real Estate provided the mortgage financing.
"Storage Post's long history and track record operating self-storage assets in the New York Metro area uniquely positions them to leverage market dynamics, optimize performance and drive growth in this competitive sector,” JLL senior managing director Steven Klein, said in a statement.
“It was a pleasure to work with Nuveen, further enhancing the potential for success in this venture.”
Outside of New York and New Jersey, Storage operates properties in Louisiana, Illinois, and is based in Atlanta, Georgia.
In 2024, deliveries of self-storage facilities in the country are expected to hit their highest levels in four years, with 54 million square feet of rentable space added, according to a report from RentCafe. The four D's are driving the demand including death, divorce, dislocation and downsizing. In New York state, Rochester stood out as a desirable market, said RentCafe.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
